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Silver Prices in Taiwan Dollars
The silver market is constantly on the move and the white metal may be quoted in and transacted in any currency. Silver prices are typically quoted by the ounce, gram and kilogram. One ounce coins, rounds and bars are a favorite among individual investors. Bigger investors may prefer larger silver bars such as 10, 50 or 10 ounce weights. If you are looking to buy or sell silver in Taiwan, you would likely see the metal quoted per ounce, gram and kilo in Taiwan Dollars. You may also potentially see it quoted in other currencies as well such as U.S. Dollars or euros.
The New Taiwan Dollar is the official currency of Taiwan. The “new” Taiwan Dollar replaced the old Taiwan Dollar in 1949. The Taiwan Dollar was originally issued by the Bank of Taiwan. Since 2000, however, the Taiwan Dollar has been issued by the People’s Bank of China.
At the time the new currency was introduced, the new Taiwan Dollar replaced the old currency at a rate of 40,000:1.Massive hyperinflation had ensued during the Chinese Civil War, and the new currency was introduced to put an end to it.
The New Taiwan Dollar was essentially the de facto currency of Taiwan, although the silver yuan remained the legal currency. The New Taiwan Dollar was introduced at a ratio of three Taiwan Dollars to one silver yuan. Despite years of inflation, the ratio has never been adjusted. This made the silver yuan nearly impossible to use a long time ago.
In 2000, the New Taiwan Dollar became the nation’s legal currency. The currency is issued by the central Bank of China.
Silver Pricing in Taiwan Dollars
The silver market is in a constant state of flux as the laws of supply and demand drive price action. Silver has three primary sources of demand: Investment demand, jewelry demand and industrial demand. Silver is currently used in many different types of industrial applications. Some of the current arenas silver is used in include nuclear power, solar energy, chemical production and electronics. As more and more uses for silver are discovered, demand for the white metal may potentially increase significantly. Some of the other primary influences on the price of silver may include interest rates, monetary policy, inflation, currency markets, geopolitics and more.
The Central Mint
The Central Mint is a subsidiary of the Central Bank of the Republic of China (Taiwan). In addition to circulation coinage, the mint also produces commemorative coins and medals. The mint began operations in Shanghai in 1920. In 1928, the mint was renamed the Central Mint of China and operated as part of the ministry of finance. The mint began producing circulation coinage in 1933. A few years later the Second Sino Japanese War had begun and the Central Mint relocates along with the Nationalist Government. The mint opened several branches at this time that were later closed at the end of the war. The mint eventually moved back to Shanghai after the war. In 1949, the mint moved with the government to Taiwan. The mint then became a subsidiary of the Central Bank of the Republic of China.
The Economy of Taiwan
Taiwan’s economy is one of the largest in Asia, and it is included in the IMF’s advanced economies group. Taiwan is heavily involved in the services sector, and this sector accounts for a significant amount of economic output. Agriculture has steadily declined in the country, accounting for only a small portion of GDP.
Taiwan has a significant information technology industry, and the country is a major producer of electronics and computer components. Taiwan is one of the world’s largest contract chip manufacturers, and is also a major producer of LCD screens. The nation is home to several major hardware companies.
Taiwan has a very large semiconductor business, and the country has some of the largest chip makers in the world. Although this industry saw a slowdown following the financial crises beginning in 2007, sales have since rebounded and Taiwan is one of the largest producers of semiconductors in the world.
Due to its dependence on foreign trade, the economy of Taiwan is vulnerable to any significant downturns in the global economy.